SAN DIEGO, Calif., Aug. 31, 2022 (SEND2PRESS NEWSWIRE) — The Mortgage Collaborative (TMC), the nation’s largest independent cooperative network serving the mortgage industry, announced today that the TMC Emerging Technology Fund LP (the “Fund”) recently participated in a $6 million seed round for Willow Servicing. The round was led by Thomvest Ventures, with participation from Global Asset Capital, Webb Investment Network and Zigg Capital.
Image Caption: TMC Emerging Technology Fund LP.
Willow Servicing was founded in 2021 with the vision of modernizing the core technology that orchestrates the collection of $18 trillion of U.S. mortgage debt. Willow’s cloud-based mortgage servicing platform automates routine servicing tasks and compliance, allowing small and large servicers to efficiently service loans in-house.
“Partnering with TMC gives us direct access to a broad network of lenders who can provide guidance on the changing dynamics within the mortgage industry and invaluable feedback on our product roadmap and offering,” said Laura Cain, CEO of Willow Servicing. “We are eager to continue building out our platform and automate the most error-prone and difficult tasks facing mortgage lenders and servicers. The additional funding will allow us to continue investing in our customers and solving their pain points.”
Since launching its platform in Q1 2022, Willow has serviced over $750 million in loans. While initially designed to manage interim servicing, Willow has quickly expanded to support additional loan types and processes, from HELOCs and construction loans to appraisal fees and payoffs.
Feliks Viner, vice president of secondary markets at First World Mortgage and Tech Fund council member, said, “Willow Servicing’s platform has been a perfect solution for our interim servicing needs. The entire process, from initial onboarding to managing daily workflow, has been seamless with real-time support and a user-friendly website. Willow has allowed us to effortlessly automate our interim servicing process and provide our customers with timely notifications and simple payment options. We are thrilled for our continued partnership with Willow Servicing.”
The Limited Partners of the TMC Emerging Technology Fund consist of some of the most technology-forward lender members of TMC who evaluate and invest in companies looking to advance the mortgage industry. The Fund continues to look for investment opportunities that will result in higher profitability and business process improvement for TMC lender members. For more information, please reach out to tmctechfund@mtgcoop.com. To learn more about Willow Servicing, visit https://www.willowservicing.com/ or reach out at sales@willowservicing.com.
About The Mortgage Collaborative
Based in San Diego, CA., The Mortgage Collaborative was founded in 2013 by four notable industry leaders and is the nation’s largest independent mortgage cooperative network. TMC is singularly focused on creating an environment of collaboration and innovation for small to mid-size mortgage lenders across the country to reduce cost, increase profitability, and better serve the dynamic and changing consumer base in America. For more information, visit http://www.mortgagecollaborative.com/
News Source: The Mortgage Collaborative